Business
Columbia Financial, Inc. Announces Completion Of Stewardship Financial Corporation Acquisition
FAIR LAWN, N.J., Nov. 1, 2019 /PRNewswire/ -- Columbia Financial, Inc. (Nasdaq: CLBK) (the "Company"), the holding company for Columbia Bank, today announced
About this update from Columbia Financial, Inc.
[{"type":"text","content":"FAIR LAWN, N.J., Nov. 1, 2019 /PRNewswire/ -- Columbia Financial, Inc. (Nasdaq: CLBK) (the \"Company\"), the holding company for Columbia Bank, today announced that the Company has completed its acquisition of Stewardship Financial Corporation (\"Stewardship\") and its wholly owned subsidiary, Atlantic Stewardship Bank. Upon completion of the merger, each Stewardship stockholder became entitled to receive $15.75 in cash for each share of Stewardship common stock that they held at the effective time of the merger.\n\"We are excited to expand our presence in Northern New Jersey while continuing to execute our long term strategic and growth plans. We welcome the customers and employees of Atlantic Stewardship Bank to the Columbia family,\" said Thomas J. Kemly, President and Chief Executive Officer of the Company.\nColumbia was advised in the transaction by the investment banking firm of Boenning & Scattergood, Inc. and represented by the law firm of Kilpatrick Townsend & Stockton LLP. Stewardship was advised by the investment banking firm of Sandler O'Neill + Partners, L.P. and represented by the law firm of McCarter & English, LLP. \nAbout Columbia Financial, Inc.\nColumbia Financial, Inc. is a Delaware corporation organized as the Bank's mid-tier stock holding company. The Company is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey. The Bank offers traditional financial services to consumers and businesses in our market areas through its 52 full-service banking offices.\nForward-Looking Statements\nThis press release contains \"forward-looking\" statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on the Company's current expectations, estimates and projections about future events. This includes statements regarding the business plans and integration efforts once the transaction is complete, the Company's ability to realize growth and efficiencies through the acquisition of Stewardship and Atlantic Stewardship Bank, the Company's expectations regarding the internal rate of return on the acquisition, merger-related expenses and the impact of the transaction on the Company's earnings, market share and capital position. These statements are not historical facts or guarantees of future pe...